I am a 71 year young social security recipient. My wife works part time as a caregiver. I am signed up to become an Uber driver and will start next week. Can anyone give me advice as to how to handle the income stream from Uber and my social security account? How will my taxes be handled? Any special considerations to look @? Any advice would be appreciated. I did not expect to be working after I retired but due to the economy, inflation and taxes I am obligated to do something to assist our income stream!
First of all...71 is old...very old. You are not 71 years young....but 71 years ancient.
At 71, you are well above the "full retirement age", thus there is no limit on how much you can earn. This will not limit your SS payments in any manner.
If you were under the retirement age (and still claiming SS), your max annual earning are limited to $19,560. Anything beyond that will decrease you SS payment.
